Barnsley winger Martin Devaney and defender Matt Hill are among a list of five players whose contracts will not be renewed at Oakwell.
Devaney, best remembered for his role in the Tykes' FA Cup defeats of Liverpool and Chelsea in 2008, has made only seven appearances for Barnsley this season and spent a month on loan at Walsall in October.
The 30-year-old joined Barnsley on a free transfer from Cheltenham in 2005.
Left-back Hill, 30, initially signed on loan from Wolves in October, has made 24 appearances for Mark Robins' side this season.
Midfielder Danny Fearnehough, defender Conor Branson and striker Steven Bennett have also been released.